Women’s Day: Number of women property buyers in MMR double in 2023

The number of women property buyers in MMR increased by almost half in 2023 compared to 2022 after the Maharashtra government did away with the restriction that women who had availed of the benefit of a 1% rebate on stamp duty could not sell residential units to a male buyer for the next 15 years, property registration data analysed by Zapkey.com showed.

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In 2023, ₹9293 crore worth of properties were bought by women who paid a stamp duty of ₹485 crore. The number of women buyers stood at 9388. In 2022, as many as 4901 women bought properties, the data showed.

In 2022, ₹4212 crore worth of properties were bought by women who paid a stamp duty of ₹ ₹207 crore. As many as 4901 women bought properties in 2022, the data showed.

Women in MMR preferred affordable homes priced less than ₹50 lakh

Another interesting trend that was observed had to do with the fact that almost 50% of women buyers preferred purchasing properties valued less than 50 lakh.

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Properties priced less than ₹50 lakh were popular among women in 2023 with almost 4501 women comprising almost 48% buyers investing in such assets, the registration data analysed by Zapkey showed.

As many as 2491 women bought properties priced at ₹50 lakh to ₹1 crore with almost 27% women buyers preferring homes in this bracket in 2023, the data showed.

As many as 1610 women bought properties priced between ₹1 crore and ₹2 crore and comprised almost 17% buyers in 2023. Almost 786 women bought properties worth more than ₹2 crore comprising almost 8% of buyers in 2023, the data showed.

In 2022, homes priced less than ₹50 lakh were bought by 2577 women who comprised 27% of the total number of homebuyers. Properties in the range of ₹50 lakh to ₹1 crore were bought by 1268 women comprising 14% of the total number of people who bought property in 2022.

Properties priced between ₹1 crore to ₹2 crore were bought by 712 women in 2022 that comprised almost 8% of the total pie. Homes worth more than ₹2 crore were bought by 344 women that comprised 4% of the total number of buyers, the statistics showed.

Majority of women who bought property were in the age group of 41 to 50 years

In 2023, 11% women buyers were in the age group of 21 to 30 years, 29% were in the age group of 31 to 40 years, 26% were in the age group of 41 to 50 years and 16% were in the age group of 51 to 60 years and 18% were more than 60 years.

In 2022, 13% women who bought property were in the age group of 21 to 30 years, 34% were in the age group of 31-40 years, 26% were in the age group of 41 to 50 years and 16% in the age group of 51 to 60 years and 11% were more than 60 years, the data showed.

Number of women who bought properties after age 60 on the rise in MMR

It’s interesting to note that 11% of women who bought property in 2022 were more than 60 years old. This percentage increased to 18% in 2023 which seems to be counter intuitive and suggests that this trend may have picked up largely to save stamp duty from a family perspective, the data shared by Zapkey showed.

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Zapkey.com analyzed 2.6 lakh property transactions registered in MMR in 2023 and 2.56 lakh transactions in 2022.

In Maharashtra, women property buyers enjoy a 1% concession on stamp duty. Last year, the Maharashtra government removed the 15-year cap and permitted women property buyers who availed of the benefit of a 1% rebate on stamp duty to sell residential units to a male buyer.

A few North Indian states also offer a similar benefit. In Delhi, the stamp duty rate for a female homebuyer is 4% whereas, for a male buyer, it is 6% of the property value. In the case of joint ownership (male and female), the rate is lower at 5 percent.

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In her Interim Budget 2024 speech, finance minister Nirmala Sitharaman had said that over 70% of houses in rural areas, constructed under the Pradhan Mantri Awas Yojana (PMAY), have women as sole or joint owners. The PMAY mandates that properties acquired under the scheme must be registered in the name of at least one woman in the household.